PLNT - Planet Fitness stock bounces up as lawmakers unveil $30B gym bill

Planet Fitness (PLNT) stock climbs 4.4% after lawmakers propose a $30B gym relief bill.Separately, an analyst issues a note saying traffic at the company's gyms in five states have stabilized.House lawmakers introduced a bill that would provide $30B to the SBA to distribute to eligible fitness business hurt by the pandemic.The businesses would be required to certify economic need; funds could be used for expenses such as rent, payroll, and mortgage obligations.Separately, Jefferies analyst Randal Konik said the fitness club operator has opened almost all of its gyms; "We are encouraged to see stability in the traffic data," the analyst wrote.Traffic in Florida has stabilized at 28%, Georgia at 22%, New Jersey at 34%, New York at 40%, and Texas at 30% of pre-COVID levels.Expects to see evidence of a more health centered and risk tolerant consumer in early 2021.

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Planet Fitness stock bounces up as lawmakers unveil $30B gym bill